Sharpton's fake non-profit on the brink of bankruptcy

"The organization has suffered recurring decreases in net assets -- and has been dependent upon advances from related parties and the nonpayment of payroll tax obligations -- to maintain continuity," the firm KBL concluded in an April 2 audit of NAN's 2008 financial records, the most recent available.

The audit, which was submitted to NAN's board of directors, warned, "These circumstances create substantial doubt about the organization's ability to continue."

KBL said it was "unable to form an opinion" on the accuracy of NAN's financial figures "because of inadequacies in the organization's accounting records."

In 2008, federal prosecutors decided to drop a criminal probe into the finances of Sharpton and NAN. But Sharpton -- who also has a lucrative syndicated radio show and a speech-making and consulting business -- agreed to pay back more than $2 million in overdue personal and NAN taxes.

The audit said NAN still owed $1.348 million in delinquent city, state and federal taxes and penalties at the end of 2008. The IRS has filed dozens of liens against NAN over the past decade, including one as recently as April of this year.

Last year, the Federal Elections Commission slapped Sharpton with $285,000 fine, in part for illegally using NAN funds to cover the costs of his 2004 presidential campaign.

Sharpton's 2004 campaign spent money from the NAN as if it were water. He stayed in luxury resort hotels, purchased thousands of dollars in expensive clothing, and ate at the best restaurants. That, and his failure to pay taxes should have landed him in jail.

But as he did when caught red handed accepting a bribe on tape, the good reverend was able to talk his way out of it while holding the unsaid threat of racial backlash over the heads of authorities if he were to suffer what he so richly deserves -a couple of decades in a federal penitentiary.

Meanwhile, there are several suits pending against NAN. Among them:

* Alpha International Travel accused the group of failing to pay $50,000 in outstanding bills. NAN settled the case.

* The Peabody hotel in Memphis, where NAN held its 2008 convention, accused NAN of stiffing it out of $70,000. NAN is contesting the charges.

* NAN's Arizona chapter is accused of being a deadbeat tenant. The organization is fighting the claim.

The sense of entitlement is incredible to behold. And yet this is a man who is a Democratic party star, a liberal icon, and a man much admired in the black community.

No accounting for taste, I guess.